Under the banner of Neal Street Productions, Caro is the producer of The Ferryman (2017), the West End transfer of This House (2017), the new stage versions of Shrek the Musical (2011-) which will go on tour at the end of 2017 and Charlie and the Chocolate Factory (2013-), which after a hugely successful run at the Theatre Royal Drury Lane will open at the Lunt-Fontanne Theatre on Broadway in April 2017.

Meeting at the Royal Shakespeare Company, Caro and Sam Mendes established and ran the Donmar Warehouse between 1992 and 2002. Together they produced over 70 productions together during that time with transfers to the West End and Broadway including Cabaret (1993), Company (1995), The Glass Menagerie (1995), The Blue Room (1998), and Electra (1999). Previously, Caro worked with the Almeida Theatre, Ballet Rambert, Sadler's Wells Royal Ballet, Polka Children's Theatre and Theatre Royal Stratford East.

Caro was the architect of The Bridge Project, a unique three-year transatlantic and global venture with the Old Vic in London and the Brooklyn Academy of Music in New York. The three year programme included The Winter's Tale (2009), The Cherry Orchard (2009), As You Like It (2010), The Tempest (2010) and Richard III (2011), all directed by Sam Mendes and seen in over 15 cities worldwide.

Caro’s other projects for Neal Street Productions have included UK and world premiere productions of David Lindsay Abaire's award-winning Fuddy Meers (2004), Anna in the Tropics (2004), David Hare's The Vertical Hour (2006), a new stage version of All About My Mother (2007) adapted by Sam Adamson, The House of Special Purpose (2009) by Heidi Thomas, Richard Greenberg's Three Days of Rain (2009) and The Ferryman (2017) written by Jez Butterworth and directed by Sam Mendes.

New commissions have included Owen McCafferty's Days of Wine and Roses (2005) at the Donmar, a collaboration with Peepolykus to make The Hound of the Baskervilles (2007) and The Painkiller (2011) with the Lyric Theatre Belfast.

Other West End and Broadway transfers during Caro’s career have included Sunday in the Park with George (2006), Hamlet (2009), Mary Stuart (2009), Enron (2010), Red (2010), South Downs/The Browning Version (2012), Merrily We Roll Along (2013) and This House (2017).

Caro is currently Chair of Paines Plough, the Linbury Prize for Stage Design and Vice President of the Society of London Theatre, after being President 2014-2017. Caro was also a trustee of the National Theatre between 2003 and 2010. Previous board memberships include Chichester Festival Theatre, Made in Brighton, Adventures in Motion Pictures and the Stage One Council.

Caro is an Honorary Fellow of the Royal Welsh College of Music and Drama, and in June 2018, was awarded an OBE for Services to Theatre in the Queen's Birthday Honours list.